Mixed property values on the horizon in Eddy County?

Property value appraisals in Eddy County in 2021 could be mixed, according to Eddy County Assessor Gemma Ferguson.

Ferguson, on Tuesday during the Eddy County Board of County Commissioners, cited potential troubles with some Eddy County agricultural properties as part of a report on the appraisals process.  

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“Because of the drought, many ranchers are having to sell some or all of their cattle,” Ferguson wrote in a report to Commissioners. “One rancher told me that she was spending $10,000 per month just to feed them before she sold them.”

She said people must render their livestock to her office just like mobile homes when reporting to her office.

“It’s by the head,” she said of how livestock are counted by the Assessor’s office.

“The State gives us a valuation for them every year. Values are going to be down with the livestock.”

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“Don’t be at all surprised next year when the numbers are down and the income is down,” Ferguson added.

She said the Assessor’s Office is also expecting to see business personal property to reduce drastically this year.

“Last year there were many new oil field companies. Even though we are now seeing more activity in the industry, many companies have left,” read the report.

Ferguson said the value of residential properties are still up.

According to the New Mexico Association of Realtors, there were 700 homes sold in Eddy County in 2020 and the median price was $285,000.

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“There’s a lot of houses on the market,” Ferguson said.

Per figures from the New Mexico Association of Realtors, Eddy County had 208 active home listings last month and 51 sales.

Ferguson said commercial properties haven’t changed, but there are more properties on the market.

“It’s going to be interesting when people get their notice of values, especially on the commercial side. I can see it coming for hotels and restaurants," she said.

Eddy County Manager Allen Davis asked Ferguson if property valuations in Eddy County would be reduced for the next fiscal year.

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Ferguson said those numbers would be available in April.

“It will be down for the first time since I’ve been here,” she said.

Mike Smith can be reached at 575-628-5546 or by email at MSmith@currentargus.com or @ArgusMichae on Twitter.